Ping An boosts capital of unit - ResearchInChina
Date:2007-08-15
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PING An Insurance (Group) Co (stock code: 601318) has gained approval to more than double the registered capital of its asset management affiliate, the regulator said yesterday.
Ping An Asset Management Co can now raise its registered capital from 200 million yuan to 500 million yuan (US$65.96 million), the China Insurance Regulatory Commission said yesterday on its Website.
Ping An Insurance holds 96 percent of the asset management unit while its life and property insurance arm has the remaining stake. The insurer said as the unit is managing more assets, the capital boost is timely.
Ping An set up its Shanghai-based unit in the middle of 2005 with an investment team of more than 80 professionals. Assets under its management topped 230 billion yuan then before rising to 329.4 billion yuan at the end of 2006.
The asset management firm is expanding its investment portfolio by being a pioneer in tapping infrastructure investment among domestic insurers.
Ping An, the Chinese partner of HSBC Holdings Plc, was set up in 1988 and is due to announce its first-half financial results on Friday.
The insurer has about 200,000 life insurance agents and 40,000-plus employees. Its clients pool includes 30 million individuals.
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